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DEBT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
DEBT
NOTE 14. DEBT

During 2021, activity of our debt outstanding included:

Long-term Debt Borrowings (Repayments)
Loss on Debt Extinguishment(1)
Six Months Ended June 30, 2021Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Debt Instrument($ in millions)
Borrowings:
Senior Secured Term Loans$315.0 
Receivables Financing Agreement50.0 
Total borrowings$365.0 
Repayments:
10.00% senior notes due 2025$(500.0)$11.3 $30.9 
9.75% senior notes due 2023(120.0)— 3.7 
5.625% senior notes due 2029(26.5)2.9 2.9 
5.00% senior notes due 2030(8.0)0.6 0.6 
Senior Secured Term Loans(150.0)0.6 0.8 
Receivables Financing Agreement(50.0)— — 
Finance leases(0.7)— — 
Total repayments$(855.2)$15.4 $38.9 
Long-term debt repayments, net$(490.2)

(1)     Loss on debt extinguishment is included as interest expense in the condensed statements of operations. The loss includes the payment of bond redemption premiums of $12.3 million and $31.0 million for the three and six months ended June 30, 2021, respectively, as well as the write-off of deferred debt issuance costs and recognition of deferred fair value interest rate swap losses of $3.1 million and $7.9 million for the three and six months ended June 30, 2021, respectively, associated with the optional prepayment of existing debt. The cash payments related to the early redemption premiums for the debt extinguishments are classified as cash outflows from financing activities on the condensed statement of cash flows for the six months ended June 30, 2021. The condensed statement of cash flows reflects a correction to the loss on debt extinguishment and early redemption premiums from the previously issued condensed statement of cash flows for the three months ended March 31, 2021, which increased cash flows from net operating activities and decreased cash flows from net financing activities by $18.7 million. During the fourth quarter of 2021, the previously issued statement of cash flows for the year ended December 31, 2020 will reflect the correction of previously presented early redemption premiums, which will increase cash flows from net operating activities and decrease cash flows from net financing activities by $14.6 million.

On February 24, 2021, we entered into a $1,615.0 million senior secured credit facility (Senior Secured Credit Facility) that amended our existing $1,300.0 million senior secured credit facility. The Senior Secured Credit Facility includes a senior secured delayed-draw term loan facility with aggregate commitments of $315.0 million (Delayed Draw Term Loan), a senior secured term loan facility with aggregate commitments of $500.0 million (2020 Term Loan and together with the Delayed Draw Term Loan, the Senior Secured Term Loans) and a senior secured revolving credit facility with aggregate commitments in an amount equal to $800.0 million (Senior Revolving Credit Facility). The maturity date for the Senior Secured Credit Facility is July 16, 2024. The amendment modified the pricing grid for the Senior Secured Credit Facility by reducing applicable interest rates on the borrowings under the facility.
On March 30, 2021, Olin drew the entire $315.0 million of the Delayed Draw Term Loan and used the proceeds to fund the redemption of the 10.00% senior notes due October 15, 2025. The Senior Secured Term Loans include principal amortization amounts payable beginning June 30, 2021 at a rate of 1.25% per quarter through the end of 2022, increasing to 1.875% per quarter during 2023 and 2.50% per quarter thereafter until maturity. During the six months ended June 30, 2021, we repaid $150.0 million of the Senior Secured Term Loans, of which $10.2 million was a required quarterly installment. These repayments eliminated the required quarterly installments of the Senior Secured Term Loans through December 2023. The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2021, we had $799.6 million available under our $800.0 million Senior Revolving Credit Facility because we had issued $0.4 million of letters of credit.

Annual maturities of long-term debt at June 30, 2021, including finance lease obligations, are $0.6 million in 2021, $326.1 million in 2022, $1.0 million in 2023, $735.8 million in 2024, $503.1 million in 2025 and a total of $1,848.5 million thereafter.

For the six months ended June 30, 2021, we paid debt issuance costs of $3.1 million for the amendments to our Senior Secured Credit Facility.

Under the Senior Secured Credit Facility, we may select various floating rate borrowing options. The actual interest rate paid on borrowings under the Senior Secured Credit Facility is based on a pricing grid which is dependent upon the net leverage ratio as calculated under the terms of the applicable facility for the prior fiscal quarter.  The Senior Secured Credit Facility includes various customary restrictive covenants, including restrictions related to the ratio of secured debt to earnings before interest expense, taxes, depreciation and amortization (secured leverage ratio) and the ratio of earnings before interest expense, taxes, depreciation and amortization to interest expense (coverage ratio).  The calculation of secured debt in our secured leverage ratio excludes borrowings under the Receivables Financing Agreement, up to a maximum of $250.0 million. As of June 30, 2021, the only secured borrowings included in the secured leverage ratio were $665.0 million for our Senior Secured Term Loans and $153.0 million for our Go Zone and Recovery Zone bonds. Compliance with these covenants is determined quarterly. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2021, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the secured leverage ratio, the maximum additional borrowings available to us could be limited in the future.  The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement.  As of June 30, 2021, there were no covenants or other restrictions that limited our ability to borrow.